Oral Answers to Questions
Gareth Davies Excerpts(3 years ago)
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Penny Mordaunt
Nine trillion pounds—that is what these deals, and ultimately the comprehensive and progressive agreement for trans-Pacific partnership, will mean to this country. Yes, we have three deals, and we are going to get more. That is what we want to do. We are going to grow these markets. That is the whole point of our leaving the EU and formulating this plan for global Britain. These deals will increase growth and prosperity in this country, which will fund everything that matters to all Members of this House.
Gareth Davies (Grantham and Stamford) (Con)
The Parliamentary Under-Secretary of State for International Trade (Mike Freer)
My hon. Friend will know that the UK is a global financial services hub. The Government’s ambition is to champion this success and promote further growth in financial services through supporting UK businesses to set up shop in markets around the world and striking ambitious progressive trade agreements to open up new markets for our financial services exporters.
Gareth Davies
We are already one of the world’s largest net exporters of financial services, but does my hon. Friend agree that if we are to expand financial services trade even further, we need the regulator to be as energetic and committed as this Government are to expanding that trade?
Mike Freer
My hon. Friend is absolutely correct. As someone who has come from a financial services background, I have felt the regulator’s hand on my shoulder, so I do understand that regulation can be good, but equally our regulators need to be entirely in tune with our export policy. My colleagues in the Treasury who lead on regulation will be ensuring that our regulator works closely with our export strategy. Specifically, I refer my hon. Friend to some of the annexes particularly in our trade deal with Japan where the benefits of that work can already been seen.
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (Accession)
Gareth Davies Excerpts(4 years, 4 months ago)
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Elizabeth Truss
It is my aim in all our agreements to secure the maximum tariff-free access for our products, but in any given agreement there are always trade-offs. My key priority is making sure that we do not cross any UK red lines.
Gareth Davies (Grantham and Stamford) (Con)
Does my right hon. Friend agree that, looking across the world, free trade agreements have been shown to reduce inequalities, create jobs and boost incomes? As such, the opportunity is great from these trade deals with fast-emerging countries, both for the people of Grantham and Stamford and for Britain as a proud global independent nation.
Elizabeth Truss
My hon. Friend is right. Free trade has lifted a billion people out of poverty in the past few decades, and that is a record that no other policy prescription can match.
Trade Deals and Fair Trade
Gareth Davies Excerpts(4 years, 8 months ago)
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Graham Stringer (in the Chair)
Order. I recognise that the hon. Lady is a new Member, but if she says “you”, she is referring to me, and I do not have a view on this. It is an easy mistake to make.
Gareth Davies
Thank you very much, Mr Stringer. agree precisely: it is important that as we move forward, Britain shows leadership in this area. As has been pointed out, DFID continues to exist to champion the needs of developing countries, including elimination of poverty, protection of our environment and sustainable development in the context of the Paris agreement, and to ensure those things are not undermined by future trade agreements made in private.
There is also the question of the EU’s economic partnership agreements for Africa, the Caribbean and the Pacific. There are problems with those agreements, because they undermine regional integration and domestic production in those zones. It would seem fair to have a balance of power between the different groupings of nations, rather than bigger powers making smaller powers less weak. Arguably, there is an opportunity for Britain to continue to lead here—unfortunately from without, as opposed to within—while keeping those trading preferences.
I know that a lot of people want to speak on this important subject, so I will simply say that this is a new chapter in Britain’s history as we move forward as a great trading nation. It is our responsibility to uphold the very best standards in human rights, workers’ rights, fair play, social justice, the environment and democracy. I hope that the Minister can give the reassurances that I have requested, and that we can go from strength to strength on fair trade, rather than using our EU exit as an opportunity to move in reverse.